Smartphones set to replace visits to bank branches

Research carried out by data analyst CACI has suggested that smartphones are on course to replace bank branch visits.

By 2022, the typical consumer will visit a bank branch just four times a year, according to the research. Currently, consumers visit their local bank branch seven times a year, CACI revealed.

It also found that individuals are increasingly utilising smartphones to carry out bank transactions, with many using apps to view and manage their finances. CACI predicts that contact between consumers and banks will rise, primarily via apps as opposed to branch visits or desktop banking.

In addition, data published by CACI estimates that banking app transactions, such as balance checks and payments, are set to more than double over the next five years.

Jamie Morawiec, Associate Partner at CACI, commented: 'The speed and convenience of mobile banking is a huge contributing factor to its ongoing popularity, especially as banks add more functionality to their apps. Understanding who is using it, and how, is key for banks to ensure it works for everyone.

'Banks and financial institutions must ensure that the function of the branch remains relevant, complements the digital channels and meets the specific needs of the demographics that are using them.'